Ignorance is not bliss!

Normally I don't attend sales calls. But decided to attend a call when I was called by an insurance company.

Caller1: Sir, I am calling from XX company. We have a plan for you. Pay x for 3 years , no payment on 4th year, 5th year you would receive  6x ( roughly double of what one pays over 3 years).

Me: What is the rate of return?.

Caller1: I am not aware . Team lead will tell you.

Me: Is it an ULIP?.

Caller1: No it is not market linked and it is an endowment plan.So, returns are assured.

Me: If you are not investing in market, how do you expect such fabulous returns??.

Caller1: I will ask my lead to talk to you..( Call cut).

Caller 2 - calls me,

Caller 2: Sir, this is me from XX company about the insurance endowment plan in continuation to Caller 1's conversation.

Me: Please tell me.

Caller 2: What is your income? where do you work? what's your age??

Me: First, get me the details of policy. what is the rate of return?

Caller 2: My team lead will call you....

( Call ends.. Now team lead calls)

TL: Sir, good morning.

Me: Yes, please.

TL: I will explain the plan, this is endowment and so returns are assured.

Me: You don't invest in market, but the rate of returns you promise is too high. How do you generate such returns?

TL: The company invests in group companies to generate the money ( not sure whether this was a fact).

Me: Is it, Doesn't IRDA ( Insurance Regulatory Authority) prohibit it ? Can you invest in group companies (the premium collected??.. Then every company can start an insurance money to source funds).

TL: hmmmmm.

Me: Investing in group company is more riskier than investing in market.is'nt it?

TL: hmmm..Sir, are you YIC company agent or 3C company agent?

Me :Why/??

TL: hmmm

Me: I am an investor and that's why I question.

TL: Thank you .blurr...( Call cut  abruptly).

Buyers be aware. Start questioning these parrots- dumb sales persons ( either they be  called TL, GM or VP) before you invest your hard earned money. I am not saying this insurance  plan is fake. But any product   must be understood by you,before you invest.

Ignorance is definitely not bliss when it comes to investments.

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